is expensive on a range of metrics Tesco Aldi Lidl Waitrose Morrisons Sainsbury's Asda -100 -50 0 50 100 m Market share of grocers, yoy Source: Kantar Worldpanel Chart 69: Not cheap even if you strip out the two biggest ex-UK names 1.70 1.60 =——=Retail 12m fwd PBV relative 1.50 1.40 1.30 1.20 2006 2007 200